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Nordrum - A Strange Animal That Has Come Down To Drink

Nordrum - A Strange Animal That Has Come Down To Drink

"In a submission to the Senate’s inquiry into the post-GFC banking sector in July, McIver catalogued a “concatenation of events” that led to the demise of Equititrust, which included the “arrogant unconscionability of the major banks, the systemic incompetence of the regulatory system, the routine breach of fiduciary duties and professional codes by large insolvency and law firms acting as bank ‘enforcers’ and the greed and moral turpitude at large in Australia businesses”.

http://www.brw.com.au/p/sections/fyi/strange_way_to_settle_the_score_DqcKsIrcuFg2jrsQXjffsN

Legal ease

McIvor, fortunately, used some language in his submission that would be easily understood by any solicitor armed with a thesaurus.

http://www.smh.com.au/business/names-mcivor-hes-not-happy-20120711-21wci.html

Read Nordrum"s posts and a theme of a solicitor armed with a thesaurus emerges...

Yesterday 11.04am

" with all manner of ad hominem, false equivalency and half truth verbiage "


13 Sept 2013

"obfuscating sound and fury"

"benefit from this canard?"


8 Sept 2013

"are responsible is specious"

Its hilarious... McIvor's old spiritual mentor David Dornan(who was his priest and confessor) would often say that McIvor had a major character fault in that he thought he was intelligently superior to everyone else and this would one day be his downfall...

Abusing a thesaurus doesn't make you intelligent as the Sydney Morning Herald outlines above nor does losing hundreds of millions of dollars of innocent retiree investor's money and then trying to blame everyone else but himself... This is not intelligence this is a psychotic delusion that all the directors of Equititrust witnessed and resigned... Even his old mate David Jackson QC "Jacko" could see he had lost the plot.

"THE email landed like a hand grenade in a living room.

"To not accept my advice is senseless. You will exponentially increase your liability to me," Mark McIvor wrote on September 28 to all but one of the directors of his beleaguered Gold Coast funds management firm Equititrust court documents allege.

The court documents claim board members were stunned by the threat. It prompted McIvor's long-time friend, David Jackson QC, to resign as a director and then-chief executive David Kennedy to respond by email that day."


http://www.couriermail.com.au/ipad/...rds-tumbles-down/story-fn6ck2gb-1226174522609
 
nordrum said:
Well, that is quite an outburst. I apologise for touching a nerve but I'm still at somewhat of a loss as to what motivates NoTrust's obvious personal vendetta against Mark McIvor given that NoTrust is unlikely to be an investor and, more curiously, has again demonstrated a dedication to diverting any attention away from directors and executives. How does this help unit holders?

Quite ironic that NoTrust speaks of conspiracy theories at the mere suggestion that we should look at DAVID TUCKER of TUCKER COWEN, the ex director who made submissions to the Supreme Court that helped get DAVID WHYTE of BDO appointed as receiver who is now using fund money to pay DAVID TUCKER of TUCKER COWEN to do God knows what. Not get any money back to unit holders that is for sure. I find it more than a little strange that the same two, DAVID TUCKER and DAVID WHYTE are involved in the same way at another distressed fund, LM.

NoTrust demands answers to his/her questions but it is a standard that he/she doesn't think applies to him/her. Seriously, how in the hell can NoTrust be certain that it 'starts and ends with McIvor'? What proof is offered that former MFS execs DAVID KENNEDY and DAVID ANDERSON have nothing to answer for, or DAVID TUCKER of TUCKER COWEN or any other of the board and exec team? Of course the answer is that NoTrust can't be sure at all, so who stands to gain from constantly repeating the assertion? Again, not us unit holders.

The dissembling attempt to dissuade any interest in DAVID TUCKER of TUCKER COWEN, DAVID WHYTE of BDO, DAVID KENNEDY, DAVID ANDERSON and others on the grounds that there is no personnel or money to conduct such enquiries is of course specious.

Really all of this argument from NoTrust looks like it is just obfuscating sound and fury, in reality it comes down to common sense. The idea that none of the board or senior executives, lawyers, accountants, auditors etc who were pulling down MILLIONS AND MILLIONS in fees and salaries have any case to answer for what happened to us at Equititrust is arrant nonsense.

Frankly I'm a little concerned at how much effort and vitriol NoTrust has expended trying to breath life into the unsubstantiated fantasy that 'it starts and ends with McIvor'. Who stands to benefit from this canard?
Click to expand...


Who amongst us really gives a rats ring what motivates No Trust though if you have read all the posts it's pretty clear he (lets say he) wants to see justice metered out to Conivor. Tell me who doesn't? There are some contributors to this forum who appear to have better intel than others maybe even whistleblowers, who knows but one thing for sure, if you have had any personal dealings with Conivor The Master of Disaster, The Crown Prince of Averice and his Wicked Wench Wacy Stacey then you know WHEN A FISH STINKS, IT STINKS FROM THE HEAD DOWN.

Mcivor is an evil narcissistic sociopath who ruled his kingdom as a true autocrat. as for the Kenedy's and Tucker's and the other bit players to this tragedy they all get a credit and should all be brought to book along with the master shonk but sadly they won't because once everything is sold, the remaining pennies distributed and the carcass that was Equititrust is finally buried there will be not appetite to pursue these scoundrels because quite honestly....there's no money in it and after all thats all it's ever been about
 
I had lunch today with several GC business people, one of whom worked at Equititrust for a long time. I don’t know this person well but have met them once or twice in the past.

They said they read ASF from time to time but hadn’t for a while. They also had some interesting comments when I showed them Nordrum’s recent posts on my phone:

- says Nordrum’s posts appear to have “McIvor’s DNA all over them”.
- says they are not aware of any employee being paid millions and understood that the highest paid earned about $250-$300k per year.
- Kennedy and McIvor were once close but had a major falling out over the calling in of bad loans – particularly Quinliven and a few others (some of whom McIvor was mates with) – McIvor didn’t want to, Kennedy said they had to and defied McIvor by pursuing them – McIvor threatened to sue Kennedy and the other Directors for doing so.
- During 2011 McIvor and Kennedy used to have regular shouting matches in the office – only stopped when Kennedy locked McIvor out of the Equititrust office. McIvor then moved to ground floor and worked from there as he owned the building.
- says criticism of board and execs is ill-informed and unfair – this disaster was created by McIvor – the board and execs had to work against McIvor to try to protect investor interests – says they have little doubt the Receivers and ASIC will vindicate directors/execs role in the demise of Equititrust.
- it was several of the board and execs who supported the appointment of Whyte as Receiver to ensure that McIvor did not get back in control after he tried to use his position as sole shareholder to regain control – not a conspiracy as Nordrum would have us believe.
- The board (Goddard/Tucker/Treasure/Kennedy) that has been criticised so much on ASF (and elsewhere) was in office for about a year – in that time they brought $200m in bad debt provisions to account, booted out McIvor (and his wife), cut significant staff numbers/overheads, called in all o/s loans, waived the management fee for the year and almost fully repaid banks - not bad, if true.
- says when Whyte was appointed McIvor started to threaten him but Whyte would have none of it.

Said a few other things I cannot remember now but which may come to me in time.

Interesting observation by someone else at the lunch. When spelt backwards, Nordrum spells Murdron. Murdron was a Transformers character who was a leader of the faction that thinks they are the most powerful but driven by a desire to protect their homeworld, even if it is at the expense of others. He sees himself as a hero. Coincidence?????
 
Interestingly enough, people who were close to McIvor who have read the Nordrum posts also agree that it has McIvor's DNA all over it...

The comments by the former employee are spot on especially the bit about McIvor threatening David Whyte. David Whyte being the penultimate professional handled McIvor well, much to McIvor's disdain as he was powerless to bully Whyte... For a psychopathic control freak known to lash out at much weaker people this was too much to bare...

The Supreme Court Judgement documents McIvor threatening Equititrust employees, the modus operadi was simple in McIvor's mind, bludgeon people into submission with no thoughts whatsoever on the innocent people's lives he was trying to ruin as long as his and his wife's insatiable greed was satisfied...

There are people who will not rest until he comes to justice...

In terms of being a Murdron Transformer the only thing McIvor has in common with Murdron is that it is a Decepticon Character just like him...







Goldie101 said:
I had lunch today with several GC business people, one of whom worked at Equititrust for a long time. I don’t know this person well but have met them once or twice in the past.

They said they read ASF from time to time but hadn’t for a while. They also had some interesting comments when I showed them Nordrum’s recent posts on my phone:

- says Nordrum’s posts appear to have “McIvor’s DNA all over them”.
- says they are not aware of any employee being paid millions and understood that the highest paid earned about $250-$300k per year.
- Kennedy and McIvor were once close but had a major falling out over the calling in of bad loans – particularly Quinliven and a few others (some of whom McIvor was mates with) – McIvor didn’t want to, Kennedy said they had to and defied McIvor by pursuing them – McIvor threatened to sue Kennedy and the other Directors for doing so.
- During 2011 McIvor and Kennedy used to have regular shouting matches in the office – only stopped when Kennedy locked McIvor out of the Equititrust office. McIvor then moved to ground floor and worked from there as he owned the building.
- says criticism of board and execs is ill-informed and unfair – this disaster was created by McIvor – the board and execs had to work against McIvor to try to protect investor interests – says they have little doubt the Receivers and ASIC will vindicate directors/execs role in the demise of Equititrust.
- it was several of the board and execs who supported the appointment of Whyte as Receiver to ensure that McIvor did not get back in control after he tried to use his position as sole shareholder to regain control – not a conspiracy as Nordrum would have us believe.
- The board (Goddard/Tucker/Treasure/Kennedy) that has been criticised so much on ASF (and elsewhere) was in office for about a year – in that time they brought $200m in bad debt provisions to account, booted out McIvor (and his wife), cut significant staff numbers/overheads, called in all o/s loans, waived the management fee for the year and almost fully repaid banks - not bad, if true.
- says when Whyte was appointed McIvor started to threaten him but Whyte would have none of it.

Said a few other things I cannot remember now but which may come to me in time.

Interesting observation by someone else at the lunch. When spelt backwards, Nordrum spells Murdron. Murdron was a Transformers character who was a leader of the faction that thinks they are the most powerful but driven by a desire to protect their homeworld, even if it is at the expense of others. He sees himself as a hero. Coincidence?????
Click to expand...
 
Decepticon of all Decepticon's

The ever Transforming McIvor has mutated from Buffettman to Ozab and now, to wait for it.... Nordrum or Murdron when spelt backwards.... A transformer from the wait for it Decepticon Family...

http://www.couriermail.com.au/busin...-words-escalates/story-e6freqmx-1226013111852


WHAT'S NEXT ???


Which ever way you look at it the Decepticon McIvor is living true to his species character in peddling deceit and losing people's money on a guy called "King Con"...
 
Well, it seems that the fairly basic premise that a board of directors and senior executives carry some of the responsibility for the failure of a company has exercised a few anxieties around here!

To say there was a hint of desperation in some of the responses to the idea is putting it mildly, more like a cacophony of breathless hysteria. The skills of the campus debating society were on full display.

We were treated to one of the poorest examples of appeal to authority that I have ever seen, confirmation by DNA from a gossiping gaggle of esteemed "Gold Coast businessmen" (who wouldn't trust a mother's club meeting of anonymous Gold Coast businessman?) that I was in fact Mark Mcivor (came as something of a surprise to me!): a ham fisted variation on the shoot the messenger chestnut. We saw the, now to be be expected, false equivalency, an exceptionally generous helping of blarney and finished up with the troublingly bizarre assertion that if you played my name backwards it proved that I was really the devil and have a bunch of aliens planning an attack on the earth.

I honestly don't know whether this is funny, sad or simply pathetic. What next? I will no doubt be accused of believing the earth revolves around the sun and that man actually did land on the Moon! Talk about conspiracy theories.

It would be easy to have a good old laugh at the goings on in this thread if it wasn't for the fact that the humour comes at the expense of the 1400 odd investors who are being taken for mugs. It is now blatantly obvious that there are a handful of vested interests whose self-interest would be served well if the investigation into the Equititrust disaster "started and finished with" Mark Mcivor. One can only wonder what they may be trying to hide.

Let's just remind ourselves of a few facts shall we:

  • DAVID TUCKER of TUCKER COWEN was a director of Equititrust AND it's primary legal adviser OF LONG STANDING, AND a friend of McIvor's
  • DAVID TUCKER of TUCKER COWEN made a submission to the supreme court that helped to get colleague DAVID WHYTE of BDO appointed in his role as receiver.
  • DAVID WHYTE now sees no problem with continuing to use DAVID TUCKER who as a consequence is still receiving fund money despite his contribution, if any, to its collapse not being comprehensively understood.
  • DAVID TUCKER has received AT LEAST 1.5 MILLION through his association with Equititrust.
  • DAVID WHYTE'S projections of unit value continue their one way decline in what seems an inverse relationship to his fees.
  • Ex MFS execs DAVID KENNEDY and DAVID ANDERSON were copping 250K plus each for their efforts. Efforts that apparently did not amount to very much.
  • These four alone have taken MILLIONS from the fund but according to a small few here none of them have ANY RESPONSIBILITY WHATSOEVER for what happened. Indeed, it is not even worth looking at!
  • DAVID KENNEDY had MARK MCIVOR locked out of the office but somehow, apparently, still bears no responsibility for what happened.
  • Maybe these guys didn't do anything at all, maybe doing nothing at all contributed to the problem. Maybe they should have been doing something. Maybe they were being paid to do something. SOMETHING LIKE PROTECT UNIT HOLDER'S INTERESTS!
  • Unit holders HAVEN'T RECEIVED 1 CENT, MciVOR IS A BANKRUPT and we are not supposed to be interested in WHERE THE MONEY WENT!!!

This is just for starters. As for who decided which assets went where, to who, why and when, Which entities have been buying up debt and controlling sale of fund assets to who and for how much... Well maybe, just maybe, it is a bit more complicated than the loan to Quinlivan.

Maybe, just maybe, unit holders DESERVE to have someone as well as BANKRUPT McIVOR in the frame in terms of recovering some of our losses?

Who in their right mind would be so outraged at such a simple contention? Who indeed.
 
It's still the Decepticon

Ok Decepticon... You said you worked at Equititrust, what was your position there ?

We all know its you Marky Boy because there is no person who would ever defend you, not even your own mother...

You stuffed up Equititrust and lost the savings of innocent retiree investors no one else. Now when your arrested and not given computer privileges I'm sure your posts will stop, that is unless you give wifey Racy Stacy your password.

All your ex employees hate your guts, sick of the abuse, screaming and making secretaries cry... Who do do think gave you up ???

In terms of whether you are the Devil I think many agree your worse, with the devil at least the misery starts in hell, with you it starts on earth, investing money with you is tantamount hell on earth...

We all look forward to having you arrested and publicly examined...
 
https://www.aussiestockforums.com/forums/showthread.php?t=24697&page=50

Post #988

"Re: LM Investment Management - Lack of confidence
That Equitrust thread is such an interesting read. Seems like Nordstrum is this McIvor chap.

I dare Peter Drake to come into this forum. What, Peter, too afraid of us "sophisticated investors" who can afford those financial advisors... oh wait, no YOU paid them those handsome commissions, didn't you?"
 
McIvor's Scared

With Public Examinations yet to commece McIvor is trying to deflect the fault on everyone except himself... Deluded as usual he thinks by posting absolute rubbish under the name Nordrum that the world will somehow forget that he is solely to blame...

McIvor was in full control of Equititrust up until 30 June 2011...

Here's the proof:

http://www.equititrust.com.au/Pdfs/Disclosures/Disclosure_Statement_10_10_2011.pdf

The idiot made the bad loans to losers like "King Con" and then made matters worse by burying his head in the sand and extending loans that were clearly in default... McIvor's actions in doing this is reprehensible and damning as the article in the Sydney Morning Herald details below:

http://www.smh.com.au/business/investors-lose-in-encounter-with-king-con-20110612-1fz9d.html

To top it off he then hid $24 Million of Westpac loans from the board which were secured by Equititrust Assets to fund his private interests. Equititrust investors received no benefit...

http://www.smh.com.au/business/westpac-owed-millions-by-equititrust-20111106-1n1z4.html

"The sworn statement alleges it was only in August that Kennedy discovered Equititrust and McIvor's personal company, MM Holdings, had borrowed up to $24 million from Westpac. The loan had never been disclosed to the board and Equititrust derived no benefit from it, according to Tucker's affidavit."


"In a blunt response to McIvor about his plans, Tucker allegedly provided advice that was, as he described it, "without pleasantry or platitude".

"You have made some bad loans. Those loans have been mismanaged on your watch. You should walk away from Equititrust - it is, as the board has resolved, all about collecting the loans for the investors and returning investor money. That is what the investors now expect," Tucker's email alleges."

http://www.couriermail.com.au/ipad/...rds-tumbles-down/story-fn6ck2gb-1226174522609

The gall of this loser to blame everyone else except himself is to be expected from a delusional failure like McIvor...

Justice is coming Marky Boy and its going to extremely satisfying watching you sqirm in the witness box...
 
This is What the Supreme court had to say about McIvor

Despite McIvor's - Nordrum's deluded rants its clearly evident from the Supreme Court Judgement below that McIvor was the one who destroyed Equititrust. In his mind altering state of delusion McIvor wrote a novella called "Strange Animals Come Down to Drink" in which he attacked the same individuals including the media and accused one journalist from the Sydney Morning herald of being gay and accused the same journalist of some sort of conspiracy with a defaulting borrower who was suing him... Clearly stuff from a person who needs some form of psychological or psychiatric help...

So in terms of his current delusional rants we all just have to hope the meds kick in soon and hopefully before he is arrested and forcibly brought before the court...

http://www.brw.com.au/p/sections/fyi/strange_way_to_settle_the_score_DqcKsIrcuFg2jrsQXjffsN


Equititrust Ltd, Re [2011] QSC 353 (23 November 2011)

Para[62] The affidavit of Ms Gentles is a substantial document, and contains material which justified ASIC’s concern that Mr McIvor may not deal with the assets of the EIF in the best interests of members. The material relied upon by ASIC that supported its concern in this regard included documents that recorded the concerns of the board of the company in September and October 2011 about Mr McIvor’s conduct. This included the then board’s view that Mr McIvor “was responsible for making all of the current problem loans”.

It also included claims that he had demonstrated extremely poor judgment in recent times (evidenced by emails attached to an affidavit filed in proceedings brought against the company by a borrower that had acquired a unit in the EIF and commenced proceedings to wind up the company). It included the directors’ view that Mr McIvor had continued to deal on an unauthorised basis with some borrowers. Mr McIvor was said to be in ongoing conflict with the board and senior management and to have made a series of threats against staff.

[63] Exhibits to Ms Gentles’s affidavit provided evidence from a former chairman, a former director and a former CEO of the company about the exercise by Mr McIvor of his ability to change the company’s personnel and directors without notice and without consultation.

[64] ASIC sought relief in the proceedings that it brought against the company and submitted on that occasion that such relief was appropriate .



http://www.austlii.edu.au/cgi-bin/s.../353.html?stem=0&synonyms=0&query=Equititrust
 
Wirrina Cove resort and golf course in SA has finally sold after being on the market for 2 years, for an "undisclosed sum", which no doubt means a fair bit below the $3m asking price they slapped on it after it failed to sell for the first 18 months. After selling the surrounding vacant blocks for less than $100k each and the marina berths for bugger all I doubt David Whyte realised much more than $5-6m for the whole joint - Equititrust lent $34m on it from memory.....

http://www.adelaidenow.com.au/business/wirrina-cove-resort-in-nz-hands/story-fni6uma6-1226718271284
 
Who will Marky Boy - Nordrum blame for this ??? He gambled innocent retiree investor's money on dogs with fleas like this...

WHAT AN IDIOT...


Orks said:
Wirrina Cove resort and golf course in SA has finally sold after being on the market for 2 years, for an "undisclosed sum", which no doubt means a fair bit below the $3m asking price they slapped on it after it failed to sell for the first 18 months. After selling the surrounding vacant blocks for less than $100k each and the marina berths for bugger all I doubt David Whyte realised much more than $5-6m for the whole joint - Equititrust lent $34m on it from memory.....

http://www.adelaidenow.com.au/business/wirrina-cove-resort-in-nz-hands/story-fni6uma6-1226718271284
Click to expand...
 
Re: McIvor's Scared

As macabrely interesting as NoTrust's posts are, and far be it for me to interrupt his obsession, it is very important that any genuine unit holders visiting this thread understand the abject fallacy of his most oft repeated claim (we can properly leave any discussion of the motivation behind it to medical and legal professionals)

No Trust said:
McIvor is ... solely to blame...
Click to expand...

Equititrust was a company constituted under the corporations act and according with statutory obligations had a board of directors and company office holders ALL OF WHOM HAD RESPONSIBILITIES TO US UNIT HOLDERS.

NoTrust has put in an astonishing effort to create the impression that McIVOR alone is responsible for the Equititrust disaster but this claim is FACTUALLY and LOGICALLY IMPOSSIBLE and it's acceptance INJURES UNIT HOLDER'S INTERESTS.

The path that lead to the decimation of unit value was pursued under the stewardship of, and thus RESPONSIBILITY LIES WITH, the whole company, but if, as NoTrust is fond of alleging, McIVOR was some kind of rogue maniac hell bent on destroying our (and apparently his own) wealth THEN THE BOARD AND SENIOR EXECUTIVES ARE RESPONSIBLE BY THEIR INACTION.

Either way, unit holders need to look beyond the bankrupt McIVOR and look at people such as DAVID TUCKER of TUCKER COWEN, DAVID KENNEDY, DAVID ANDERSON and others for THEIR RESPONSIBILITY in what occoured to ensure we get MAXIMUM RECOVERY of unit value.

No doubt there will be ample opportunity to discuss the realities of the path to disaster like why/which/and to who loans were made and why/how/which assets came to be disposed of - for peanuts - and no doubt NoTrust will be outraged by the truth I point out BUT IT IS VITAL FOR ANY UNIT HOLDER LOOKING TO MAXIMISE OUR PITIFUL RETURNS that we do not fall for NoTrust's campaign to limit the exposure and responsibility of the board and senior execs by settling for the fantasy that McIvor alone is responsible for what happened.
 
I must say I am finding a new lease of life in this thread since Nordrum re-entered the scene. It becomes almost impossible to ignore his self-serving posts that are littered with obvious falsities and contradictory statements. One can only ponder what his motivation is.

At the risk of appearing to be No Trust’s new BFF I cannot comprehend where Nordrum is coming from.

He singles out for attack a handful of individuals (who coincidentally are the same individuals who brought about McIvor’s downfall accordingly to court documents/judgements/reports) but not those who were at Equititrust when all the bad loans were made or when the huge amount of money was borrowed from the banks.

I don’t think anybody disputes that those involved in Equititrust need to be investigated as well as the circumstances surrounding the collapse. I would expect that this is what the Liquidators/Receivers/ASIC are doing. You don't have to read too many of No Trust’s posts to see that he has also pushed for this to happen (even though Nordrum would make you believe otherwise).

From what I can see, those who Nordrum attacks (particularly Whyte and Banton) all came on to the scene way after Equititrust was admitted to the intensive care ward with a terminal disease yet he appears to blame these people for its death. As one would investigate medical staff to ensure adequate care was given to a terminal patient prior to their death, Equititrust execs should be investigated to make sure they did all they could to protect unitholder interests during their tenure. What Nordrum suggests however is akin to charging the medical staff with murder because the patient dies whilst in their care. I am not sure how he blames Whyte and Banton but he manages to.

I see that Nordrum does not push for McIvor’s wife’s conduct to be scrutinised even though she was both an exec and a director and obviously had close ties to McIvor with much to gain from any misconduct. Why is this?

The other thing that I find unusual is that Nordum says the board/execs are to blame for their inaction re McIvor in the dying days. This seems unfair if you read the court judgement to see what they did to try to keep him in check. From what I can gather they:

- sacked him from the board (even though he was the sole shareholder);
- sacked him as an employee of the company (even though he was the founder);
- locked him out of the office (even though he owned the building);
- called in all loans including those of his mates (even though McIvor tried to stop them doing so and threatened to sue them personally);
- When McIvor tried to wrestle back control of the company they applied to court to have an independent receiver appointed on behalf of unitholders (even though they had all resigned by then).

Whilst it may be argued that they did not do enough (and that is up to ASIC/Receivers/Liquidators to determine) it cannot be said they did nothing.

The other interesting thing is that Nordum appears to apportion no blame to the board who made the bad loans or borrowed so much money from the banks in the first place but is quite keen to blame the board in control when the effect of such actions crippled the company. Why is this?

From what I have read and what I am told, one of the most startling aspects of the Equititrust collapse was that McIvor accepted no responsibility for it, even at the end. He apparently blamed everybody but himself. It appears that Nordrum shares this view.
 
Re: McIvor's Scared

Give it up Marky Boy we know its you...

You are solely to blame, hasn't your psychiatrist got that through yet...

It's over mate you will never raise another dollar from the Australian Public again...

One question that should be put to you under oath in court, is whether you were in fact posting as Nordrum on this thread...

Remember what the Christian Brothers at Aquinas told you... Hand on the bible...


nordrum said:
As macabrely interesting as NoTrust's posts are, and far be it for me to interrupt his obsession, it is very important that any genuine unit holders visiting this thread understand the abject fallacy of his most oft repeated claim (we can properly leave any discussion of the motivation behind it to medical and legal professionals)



Equititrust was a company constituted under the corporations act and according with statutory obligations had a board of directors and company office holders ALL OF WHOM HAD RESPONSIBILITIES TO US UNIT HOLDERS.

NoTrust has put in an astonishing effort to create the impression that McIVOR alone is responsible for the Equititrust disaster but this claim is FACTUALLY and LOGICALLY IMPOSSIBLE and it's acceptance INJURES UNIT HOLDER'S INTERESTS.

The path that lead to the decimation of unit value was pursued under the stewardship of, and thus RESPONSIBILITY LIES WITH, the whole company, but if, as NoTrust is fond of alleging, McIVOR was some kind of rogue maniac hell bent on destroying our (and apparently his own) wealth THEN THE BOARD AND SENIOR EXECUTIVES ARE RESPONSIBLE BY THEIR INACTION.

Either way, unit holders need to look beyond the bankrupt McIVOR and look at people such as DAVID TUCKER of TUCKER COWEN, DAVID KENNEDY, DAVID ANDERSON and others for THEIR RESPONSIBILITY in what occoured to ensure we get MAXIMUM RECOVERY of unit value.

No doubt there will be ample opportunity to discuss the realities of the path to disaster like why/which/and to who loans were made and why/how/which assets came to be disposed of - for peanuts - and no doubt NoTrust will be outraged by the truth I point out BUT IT IS VITAL FOR ANY UNIT HOLDER LOOKING TO MAXIMISE OUR PITIFUL RETURNS that we do not fall for NoTrust's campaign to limit the exposure and responsibility of the board and senior execs by settling for the fantasy that McIvor alone is responsible for what happened.
Click to expand...
 
I think I may have a clue where the motivation is coming from... McIvor has become irrelevant, nothing, a bankrupt failure and from his foetal position in a dark cupboard wants some kind of catharsis... This ain't the place for sympathy or delusion... McIvor is to blame for the destruction of investors life savings and as is usual for failures like him takes it out on the receiver and lawyers pursuing him... He used the legal system and insolvency practitioners to persecute people for years and now he has been exposed for the loser he is and is getting everything he did to others back tenfold...




Goldie101 said:
I must say I am finding a new lease of life in this thread since Nordrum re-entered the scene. It becomes almost impossible to ignore his self-serving posts that are littered with obvious falsities and contradictory statements. One can only ponder what his motivation is.

At the risk of appearing to be No Trust’s new BFF I cannot comprehend where Nordrum is coming from.

He singles out for attack a handful of individuals (who coincidentally are the same individuals who brought about McIvor’s downfall accordingly to court documents/judgements/reports) but not those who were at Equititrust when all the bad loans were made or when the huge amount of money was borrowed from the banks.

I don’t think anybody disputes that those involved in Equititrust need to be investigated as well as the circumstances surrounding the collapse. I would expect that this is what the Liquidators/Receivers/ASIC are doing. You don't have to read too many of No Trust’s posts to see that he has also pushed for this to happen (even though Nordrum would make you believe otherwise).

From what I can see, those who Nordrum attacks (particularly Whyte and Banton) all came on to the scene way after Equititrust was admitted to the intensive care ward with a terminal disease yet he appears to blame these people for its death. As one would investigate medical staff to ensure adequate care was given to a terminal patient prior to their death, Equititrust execs should be investigated to make sure they did all they could to protect unitholder interests during their tenure. What Nordrum suggests however is akin to charging the medical staff with murder because the patient dies whilst in their care. I am not sure how he blames Whyte and Banton but he manages to.

I see that Nordrum does not push for McIvor’s wife’s conduct to be scrutinised even though she was both an exec and a director and obviously had close ties to McIvor with much to gain from any misconduct. Why is this?

The other thing that I find unusual is that Nordum says the board/execs are to blame for their inaction re McIvor in the dying days. This seems unfair if you read the court judgement to see what they did to try to keep him in check. From what I can gather they:

- sacked him from the board (even though he was the sole shareholder);
- sacked him as an employee of the company (even though he was the founder);
- locked him out of the office (even though he owned the building);
- called in all loans including those of his mates (even though McIvor tried to stop them doing so and threatened to sue them personally);
- When McIvor tried to wrestle back control of the company they applied to court to have an independent receiver appointed on behalf of unitholders (even though they had all resigned by then).

Whilst it may be argued that they did not do enough (and that is up to ASIC/Receivers/Liquidators to determine) it cannot be said they did nothing.

The other interesting thing is that Nordum appears to apportion no blame to the board who made the bad loans or borrowed so much money from the banks in the first place but is quite keen to blame the board in control when the effect of such actions crippled the company. Why is this?

From what I have read and what I am told, one of the most startling aspects of the Equititrust collapse was that McIvor accepted no responsibility for it, even at the end. He apparently blamed everybody but himself. It appears that Nordrum shares this view.
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No Trust said:
I think I may have a clue where the motivation is coming from... McIvor has become irrelevant, nothing, a bankrupt failure and from his foetal position in a dark cupboard wants some kind of catharsis... This ain't the place for sympathy or delusion... McIvor is to blame for the destruction of investors life savings and as is usual for failures like him takes it out on the receiver and lawyers pursuing him... He used the legal system and insolvency practitioners to persecute people for years and now he has been exposed for the loser he is and is getting everything he did to others back tenfold...
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Interestingly enough Nordrum/Mcivor (is that you Conivor? It is you isn't it?) has chosen not to smear or sully his staunch supporters namely fellow director and all round egret Honeyman, the personally appointed gate keeper running block for Conivor Hall Chadwick and All Bran and lets not forget the other directors Tricky Hickey and I've taken the money and run Racey Stacey. Now trustee of the Gnat Conivors super fund.

Why don they get a mention I wonder
 
Has Nordrum slipped up?

nordrum said:
Equititrust was a company constituted under the corporations act and according with statutory obligations had a board of directors and company office holders ALL OF WHOM HAD RESPONSIBILITIES TO US UNIT HOLDERS.
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As an Observer, I cannot help but noticed that Nordrum is now claiming to be a Unit Holder of Equititrust. In his posting, he stated "the board of directors and company office holders all of whom had responsibilities TO US unit holders"

I thought Nordrum is merely an ex worker of Equititrust??? Why is he now claiming to be unit holder???
 
The reason they don't get a mention is because its called self incrimination...:)


word75 said:
Interestingly enough Nordrum/Mcivor (is that you Conivor? It is you isn't it?) has chosen not t.o smear or sully his staunch supporters namely fellow director and all round egret Honeyman, the personally appointed gate keeper running block for Conivor Hall Chadwick and All Bran and lets not forget the other directors Tricky Hickey and I've taken the money and run Racey Stacey. Now trustee of the Gnat Conivors super fund.

Why don they get a mention I wonder
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